How Banks/CUs Can Close the SMB Product Gap

By Dave DeFazio Digital banks and fintechs have succeeded in luring small and medium-sized businesses by embracing a customer-centric approach, creating “reconfigured mashups” of features and functionality that combine multiple financial services. They offer value-added features like subscription management and real-time payment tools as part of their core checking accounts. While many customers may open…

Read More

Small Business Banking’s Growing Product Gap

By Dave DeFazio For small and midsize businesses, access to efficient and value-driven services is crucial to managing their financial operations. However, a significant gap exists between what banks offer and what SMBs truly need. This gap presents a challenge and an oppurtunity for traditional financial institutions as they navigate increasing competition from digital banks…

Read More

Recording: Subscription Revolution Webinar

Download Presentation (PDF) In the current banking environment primacy, organic growth, and product differentiation are keys to success for both retail and business accounts. Also, threats of OD/NSF fee cuts will directly or indirectly affect the entire banking industry. And many banking leaders know that “wait and see” is not an effective solution to these…

Read More

Your Checking Products Must Address SMB Customers’ CyberSecurity Concerns 

By Dave DeFazio   The statistics are sobering about the cyber challenges and data theft realities of being small and medium businesses (SMB) today. According to Infosecurity Magazine: Over three-quarters of cyber incidents impacted small businesses in 2023. Nearly half of all malware targeting SMBs last year focused on data theft.  Researchers observed a rise…

Read More

Research Part 4: Opportunities from Reinventing Business Checking Accounts

  Editor’s Note: This is the fourth and final part in our series exploring market research we commissioned with financial services firm Cornerstone Advisors to get a state of market view through the eyes of SMB leaders across the country. Our main goal was to understand their challenges now and how community financial institutions could…

Read More

Recording: Growing Deposits and Primary Relationships Webinar

Download Presentation (PDF) In the wake of the rollercoaster of 2023, it’s more important than ever to initiate, grow, and maintain deposit relationships – especially ones that are primary, profitable and engaged enough to cross-sell other deposit and loan products. Yet most banks’ checking product features are irrelevant to the modern needs of today’s consumers…

Read More

Rethinking the Small Business Checking Playbook

By Dave DeFazio This article was previously published on BankDirector.com Even before interest rates rose, community banks and credit unions were battling megabanks, regional banks and the new wave of digital banks and fintechs to keep and attract traditional retail and small business checking account customers. This battle is for only a small percentage of…

Read More